(810 ILCS 5/4A-401) (from Ch. 26, par. 4A-401)
Sec. 4A-401.
Payment date.
"Payment date" of a payment order means the
day on which the amount of the order is payable to the beneficiary by the
beneficiary's bank. The payment date may be determined by instruction of
the sender but cannot be earlier than the day the order is received by the
beneficiary's bank and, unless otherwise determined, is the day the order
is received by the beneficiary's bank.
(Source: P.A. 86-1291.)
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